If Joe has budget constraint C in the graph shown, what is the relative price of three gallons of milk?
This graph shows three different budget constraints: A, B, and C.
A. 2 cases of soda
B. 4 cases of soda
C. $12
D. $9
A. 2 cases of soda
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Assuming that there are NO income taxes, if both autonomous taxes, and government expenditures were to rise by $100 million, we would expect equilibrium GDP to
A) rise by $100 million. B) rise, but by a multiple of $100 million. C) rise by less than $100 million. D) remain unaffected because leakages have changed by the same amount.
Unless you accept his 'final offer' your opponent threatens to scrap the whole deal:
a. His threat is more believable if both parties would be harmed by scrapping the deal b. His threat is more believable if he has better outside options c. His threat is more believable if only he is hurt from the deal falling through d. His threat is more believable if he has balked at this course of action in the past
Suppose that the elasticity of demand for hamburgers is 2.5 and price decreases by 14%. By what percentage will quantity demanded for hamburgers increase?
A. 2.5% B. 5.6% C. 25% D. 35%
The need for a lender of last resort was identified as far back as:
A. 1913, when the Federal Reserve was created. B. the start of the Great Depression in 1929. C. 1776, by the first U.S. Secretary of the Treasury, Alexander Hamilton. D. 1873, by British economist Walter Bagehot.